TNG (TNG)

Junior explorer TNG enjoyed its best one-day rally in nearly a month on Wednesday after management said it had secured a cornerstone investor and formed a strategic partnership with a Chinese investment company. The stock jumped 7.5 per cent, or 0.7¢, to 10¢ on the news. The Chinese investor will inject $13.4 million into
TNG
, which has a market capitalisation of about only $28 million. The investment will come via an 11¢ a share placement that represents a 19 per cent premium to the closing price before the announcement. The funds will underpin its pre-feasibility study and proposed pilot plant metallurgical test work program for its Mount Peake Iron-Vanadium Project in the Northern Territory. The deal is subject to a shareholder vote and necessary government approvals. TNG has gained nearly 150 per cent over the past 12 months compared with an 11 per cent gain on the ASX Small Cap Resources Index.